United Refining Co. has acquired all convenience retail assets from Monthrose, Pa-based Pump N’ Pantry. The 14 c-stores located throughout Pennsylvania will be rebranded to Kwik Fill and Red Apple stores, reported WIVT NewsChannel 34.
Pump N’ Pantry dates back to 1975 when Tom Quigg, after a successful career at Esso, purchased Seddon Lathrop Oil Co. At the time, the company was focused on residential heating oil distribution and had just two retail fuel locations.
In 1988, the legacy heating oil business was sold, and the company rebranded as Pump N’ Pantry to strategically shift toward retail operations. Scott Quigg, Tom’s son, joined the company in 1993 after having begun his career at Cumberland Farms.
The pair invested in the company throughout the 1990s, acquired additional stores and introduced a proprietary foodservice offering in 1997. With an emphasis on pizza and deli items, Tom and Scott pushed Pump N’ Pantry toward its current strategic focus of providing a comprehensive in-store offering.
Scott purchased the company from his father in 2001 and immediately expanded Pump N’ Pantry further by acquiring six additional stores in north-central Pennsylvania. With a commitment to premium offerings, quality service and modernization, the Quigg family has built one of the premier convenience retail companies in Pennsylvania.
Matrix Capital Markets Group provided merger and acquisition advisory services to Pump N’ Pantry, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the sale.
“Pump N’ Pantry first engaged Matrix in 2019 for planning and valuation services. Five years later when we began the sale process, Matrix offered guidance, structure and market knowledge while being attentive to the needs and ideas of Pump N’ Pantry as a client,” said Scott Quigg, CEO of Pump N’ Pantry. “With the support of our team members, our communities and our suppliers, my father and I worked to grow and evolve Pump N’ Pantry for 49 years. With the help of Matrix, we have now successfully completed the job.”
“We were honored to work with Scott, his wife Melinda and their talented management team, whose thoughtful growth and diligent execution created a premier regional convenience retail company,” said Spencer Cavalier, co-head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group. “United Refining Co. will be a good steward of the enterprise. We are very thankful to have served as Pump N’ Pantry’s advisor on this transaction.”
The rebranding of the 14 Pump N’ Pantry locations will begin immediately.
